"Social Impact Of Blockchain Technology In Developing Countries"

Assalam O Alaikum

Hello dear friends! Welcome to my post. How are you all? I hope you will be doing well by the grace of Almighty Allah. I'm also fine and enjoying my day. Today I'm here to share my knowledge with you about the topic "Social Impact Of Blockchain Technology In Developing Countries" in this Steem Alliance community. So let's start without any more delay of time.

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Actually, the blockchain technology is known as the backbone of digital currencies due to their decentralized nature, transparency, security and other amazing features. That is why, many of cryptocurrencies like Bitcoin, Ethereum and other alt coins are utilizing blockchain technology to make the things easier for their users. In the financial systems of developing countries, the blockchain technology has a pivotal role.

Due to the presence of blockchain technology in cryptocurrencies, the many issues like corruption, poor infrastructure and limited access to other financial services can be resolve perfectly. The blockchain technology is providing a promising solutions to deal with such issues to the developing countries by enhancing the security and transparency of transactions.

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In developing countries, the most significant social impact of blockchain technology is providing financial inclusion and empowerment. This is because, in many developing countries, the banking systems come with various strict rules and regulations which create significant challenges for the people to store their assets and transfer them to their desired places.

Sometimes, they have to pay a high amount of fees even on smaller transactions through their native currencies as that whole procedure is controlled or maintained by the regulatory authorities of their country. But the blockchain, has brought a revolutionary change to that process and provide people a secure and transparent way to store, transfer and keep their assets in the form of digital currencies, using blockchain technology.

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Besides this, the people can utilize many financial services from the decentralized finance DeFi platforms including the flash loans, insurance and savings policies within their networks. These platforms, allow the people to have an easy access to their assets when they keep them in the form of digital currencies instead of their native currencies as they reduced the needs of central authorities like traditional banks.

In that current era, many countries are facing numerous challenges like stability of government, institutions, corruption and inefficiency. But the blockchain technology has brought significant benefits to deal with such conditions due to the presence of distributed ledger systems and other protocols like smart contracts. The blockchain technology, make such institutions more transparent and immutable.

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If we utilize blockchain technology in voting systems, then it will reduce the chances of multi voting and injustice. This is because, in digital voting machines, a person can cast his vote only one single time as compared to other traditional voting systems where the chances of multi voting are high. Also the ledger technology of blockchain keeps the record of every vote casted.

In results, when we utilize blockchain technology in voting systems, the elections will be fair and temper proof. Furthermore, when the transactions are validated in different institutions, such public funds, aids and other can be recorded online within blockchain technology through which we can see that, rather the funds have been reached to the needy people or not. These things make such institutions corruption free.

Conclusion

In conclusion, we can say that the blockchain technology has a potential to deal with the problems faced by developing countries. And if we leverage Blockchain technology in the financial institutions, voting systems and other social activities we can definitely overcome these challenges in a perfect way and can make these social institutions more transparent and reliable for people.

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Written by @abdullahw2

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